The legislature finds that
(1) the rapid growth of municipalities in the state and the incorporation of new municipalities has created a demand for capital improvements that can only be met by these municipalities borrowing money through the issuance of bonds or notes;
(2) many of these municipalities, although creditworthy, either have not issued bonds or notes or have little outstanding debt;
(3) the cost of borrowed money to these municipalities is or may be unnecessarily high due to lack of investor familiarity with the municipalities;
(4) other municipalities in the state pay unnecessarily high borrowing costs because of the distance of the state from capital markets or may find borrowing difficult or impossible because of temporary economic dislocation due to loss of employment or prospective loss of employment;
(5) the University of Alaska has limited debt capacity and may pay higher interest rates because of lower credit ratings;
(6) many municipalities provide for or partner with nonprofit organizations to provide for delivery of health care;
(7) nonprofit regional health organizations deliver services in many locations where municipal partners are unavailable;
(8) joint action agencies require financial assistance for public utility projects, including hydroelectric power projects, that benefit municipalities.